The companies will attempt to restructure their debts, including 2.9 billion euros owed by Casino parent Rallye SA, the companies said Thursday. While the latter two became globetrotting billionaires by focusing on fast-growing, highly profitable luxury goods, Naouri hitched his wagon to the pedestrian retail sector -- and watched his group’s debt swell. A math whiz who was educated at Harvard as well as elite French universities, Naouri has kept Casino afloat in the country’s highly competitive retail sector via opportunism and financial acumen.

HONG KONG/PARIS/FRANKFURT (Reuters) - Carrefour, Europe largest retailer, is exploring the sale of a minority stake in its loss-making business in China and has started sounding out potential buyers, people familiar with the matter said. Carrefour's China business is valued at around $1 billion (£784 million) and the retailer is working with BNP Paribas on the deal, the sources said. A Carrefour spokeswoman said on Friday: "There is nothing particularly new to say about the matter", when asked about China.

PARIS/FRANKFURT/BEIJING (Reuters) - Carrefour, Europe largest retailer, is exploring the sale of a minority stake in its loss-making business in China and has started sounding out potential buyers, people familiar with the matter said. Carrefour's China business is valued at around $1 billion and the retailer is working with BNP Paribas on the deal, the sources said. A Carrefour spokeswoman said on Friday: "There is nothing particularly new to say about the matter", when asked about China.

French retailer Carrefour and U.S. waste recycling company TerraCycle launched on Tuesday the test for their 'Loop' initiative which they hope will tackle the problems of plastic waste threatening to destroy the environment. The 'Loop' online platform will allow shoppers in the Paris area to buy orange juice, powder detergent or shampoo in reusable containers that do not result in waste. Users put down a refundable deposit via the Loop website when ordering products, which are delivered in reusable glass and metal bottles, and shipped in a tote bag to shoppers' doors.

Europe has a long way to go if it’s to deliver on the hope sparked by recent economic numbers. While there are hints that the bloc’s sharp deceleration is ending, there’s no escaping fresh doubts over global trade, ongoing weakness in German manufacturing, uncertainty over China’s growth, and Brexit. Euro-area GDP growth topped expectations at 0.4% in the first quarter, and a similar number is predicted on Wednesday from Germany, the region’s biggest economy.

Carrefour could seek about $1 billion for the Chinese business, though it may also opt to divest just a stake or decide against a sale, the people said. Carrefour joins other multinational consumer groups in rejigging its China business amid slowing growth.

PARIS (Reuters) - A sale of Carrefour's business in China is not on the agenda, a spokeswoman for the French retailer said on Wednesday in answer to market rumours that had sent the share higher. Carrefour's ...

20% of the top 10 global grocers will use blockchain for food safety and traceability by 2025, according to Gartner. “Blockchain can help deliver confidence to their customers, and build and retain trust and loyalty,” says Joanne Joilet, Senior Research Director at Gartner. “Grocery retailers are trialling and looking to adopt the technology to provide transparency for their products. Additionally, understanding and pinpointing the product source quickly may be used internally, for example to identify products included in a recall.” Walmart, for instance, is now requiring suppliers of leafy greens to implement a farm-to-store tracking system based on blockchain. Others, such as Unilever and Nestlé, are also using the technology to trace food contamination. “As grocers are being held to The post Grocery retailers take lead on blockchain adoption, Gartner appeared first on Coin Rivet.

Carrefour plans to axe 3,000 jobs at its large hypermarket stores in France through a voluntary scheme, more than previously announced, a spokeswoman told Reuters on Friday. Under an offer made to unions on Friday, it could increase the number of potential voluntary departures by 1,770 through an additional early retirement scheme, the spokeswoman said, declining to comment on the costs and potential savings that the plan could generate. Carrefour aims to sign an agreement with unions in mid-May and to carry out the plan in the second half of the year.

Carrefour wants to track 20% of all in-house products on the blockchain by the end of 2019. It currently uses the technology to track 20 out of its 300 Carrefour-branded products across the supply chain, and plans to add about 40 more over the coming months, says Carrefour Blockchain Programme Director Emmanuel Delerm. Carrefour has implemented blockchain pilots in six countries, including France, Italy, Spain, and China. Customers can access information about the origin of the product they’re buying by scanning a QR code on the packaging. “When we tested this feature in China – we tested it with a Chinese pomelo – we got incredible figures,” Delerm says. “Customers scanned one out of two (or three) pomelos to check The post Carrefour places big bet on blockchain appeared first on Coin Rivet.

Carrefour's shares rose on Thursday after the French supermarket retailer reported late Wednesday that sales growth had accelerated in the first quarter of this year. Carrefour's shares were up 3.6 percent in early trading, helping to lift the stock price of its French rival Casino by around 1 percent. "While we expect the sales trend to slow in coming quarters, we see the new initiatives launched in Q1, including additional price investments and new formats as steps in the right direction," wrote Deutsche Bank analysts.

Brazilian supermarket chain Grupo Pão de Açúcar SA on Wednesday posted first-quarter sales up 12 percent from a year ago, closing the gap on Carrefour Brasil, the market leader in Latin America's largest economy. GPA, which is owned by France's Casino Guichard Perrachon SA , reported gross revenues of 13.8 billion reais ($3.46 billion), driven by gains in its wholesale division, Assaí. On Tuesday, Carrefour Brasil posted a 10 percent increase in gross sales to 14.2 billion reais, as growth in its wholesale unit Atacadão more than compensated for a flat performance in the retail division.

Carrefour said revenue growth accelerated in the first quarter, driven by robust sales in Brazil and an improving performance in the core French market where hypermarket sales turned slightly positive. Finance Chief Matthieu Malige said the quarterly performance "confirms and reinforces management's confidence in the relevance of the transformation plan initiated in 2018". Carrefour, which is Europe's largest retailer, is in the midst of a five-year plan it launched in January 2018 to cut costs and jobs, boost E-commerce investment and seek a partnership in China with Tencent.

Gross sales at Carrefour Brasil, one of Brazil's largest food retailers, rose 9.9 percent in the first quarter of 2019 to 14.2 billion reais ($3.62 billion) compared with the same period last year, as food inflation more than compensated for a less favorable calendar. The Brazil-listed unit of France's Carrefour SA recorded major growth at its wholesale unit known as Atacadão , which gained relevance amid the slow recovery of the Brazilian economy from recession. The Atacadão division posted a quarterly gross revenue of 9.5 billion reais, up 13.6 percent from the same period one year ago, helped by ongoing efforts to expand the business organically.

Nestlé and Carrefour are working on a pilot that will apply blockchain technology to the Mousline instant mashed potato product, available in Carrefour stores around France. This is the result of the companies joining the IBM Food Trust platform. Using a QR code on the product’s packaging, shoppers will be able to access information on the production supply chain, including the varieties of potato used, information on quality control, and places and dates of storage prior to reaching the store. “This pilot is the result of a successful partnership with Carrefour and a great step forward on our blockchain journey. We are using this technology to bring more transparency to our products by providing accurate, trusted and impartial information. That The post Nestlé, Carrefour to track mashed potato brand with blockchain appeared first on Coin Rivet.

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Carrefour plans to cut 1,229 jobs as it downsizes its large hypermarket stores in France under a plan to boost sales and profits at Europe's largest retailer, the Force Ouvriere union told Reuters. The plan, which is being discussed with the FO, CFDT and CFE-CGC unions, entails departures via a conventional collective bargaining agreement, said FO union representative Michel Enguelz. Carrefour had earlier confirmed to Reuters that it was in talks over a conventional collective bargaining agreement, but the company did not specify any figures over possible job losses.

Carrefour is continuing its adventures in blockchain by applying the technology for tracking milk. As of this month, the French retail giant is selling blockchain-powered Carrefour Quality Line micro-filtered full fat milk which, it claims, guarantees consumers complete product traceability across the entire supply chain. This builds on a number of other initiatives. Last month, we reported that Carrefour Belgium was using blockchain to track meat, while Carrefour Italy was tapping the technology for citrus fruit. Further info here. It has also joined IBM’s food tracking network, Food Trust. The post Got milk? Carrefour is back on the blockchain appeared first on Coin Rivet.